caterpillar inc (CAT) Key Developments

Caterpillar Inc. announced unaudited consolidated earnings results for second quarter and six months ended June 30, 2015. Total sales and revenues were $12.317 billion in the second quarter of 2015, compared with $14.150 billion in the second quarter of 2014, a decline of $1.833 billion or 13%. The decrease was primarily due to lower sales volume and the unfavorable impact of currency, resulting mostly from the weakening of the euro, the Japanese yen and the Brazilian real. Price realization was slightly favorable. Operating profit for the second quarter of 2015 was $1.130 billion, a decline of $345 million from the second quarter of 2014 of $1.475 billion. The decrease was primarily the result of lower sales volume and a decline in Financial Products' operating profit, partially offset by improved price realization and the favorable impact of currency. Consolidated profit before taxes was $992 million against $1,420 million a year ago. Profit for the period was $710 million or $1.16 per diluted share against $999 million or $1.57 per diluted share a year ago.
For the six months, the company reported total sales and revenues of $25,019 million against $27,391 million a year ago. Operating profit was $2,657 million against $2,873 million a year ago. Consolidated profit before taxes was $2,547 million against $2,762 million a year ago. Profit for the period was $1,821 million or $2.98 per diluted share against $1,921 million or $3.00 per diluted share a year ago. Net cash provided by operating activities was $3,358 million against $4,134 million a year ago. Capital expenditures - excluding equipment leased to others was $656 million against $710 million a year ago. Expenditures for equipment leased to others was $815 million against $825 million a year ago.
Outlook for 2015 sales and revenues is now about $49 billion compared with its previous outlook of about $50 billion. Outlook for 2015 profit per share of $4.70, or $5.00 per share excluding restructuring costs of about $250 million, remains unchanged. The company expects ME&T capital expenditures in 2015 to be about the same as 2014 capital expenditures of $1.6 billion.

Caterpillar Inc., Q2 2015 Earnings Call, Jul 23, 2015

Jul 9 15

Caterpillar Inc., Q2 2015 Earnings Call, Jul 23, 2015

Caterpillar to Lay Off Workers Due to Mining Sector Slump

Jun 22 15

Caterpillar Inc. announced that it will lay off another 50 workers at its East Peoria, Illinois campus on June 22, 2015 because of a downturn in demand for mining equipment. The latest action brings to 270 the number of workers Caterpillar has said it will lay off this year at its East Peoria campus. The company employs about 3,900 workers at the site, which is its main manufacturing hub.

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